PICTON Long Short Equity Alternative Fund — ETF
PFLS.TO
Toronto Stock Exchange- -
CAD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 130 Adelaide Street West, Suite 2200 Toronto ON Canada M5H 3P5
- IPO Date
- Aug 6, 2020
- Website
- pictoninvestments.com
- Similar Companies
- Business
- PICTON Long Short Equity Alternative Fund Class ETF (PFLS.TO) is an exchange-traded fund that seeks consistent long-term capital appreciation and attractive risk-adjusted returns through an actively managed long/short equity strategy. The fund invests directly and through derivatives in a global portfolio of growth and value stocks across diversified sectors and market capitalizations; it aims to increase gross exposure for alpha generation while reducing net market exposure to mitigate broad equity market risk and volatility. Launched on July 15, 2020, and domiciled in Canada, the ETF is managed by Picton Mahoney Asset Management LP, which is headquartered in Toronto, Ontario, and manages over $16.5 billion in assets as of late 2025. The fund's portfolio features high gross exposure of approximately 238%, with long positions at 150.59% and short positions at -87.42%, resulting in a net exposure of around 63%; top long holdings as of early 2024 include Royal Bank of Canada (5.44%), Bank of Montreal (5.25%), and Canadian Pacific Kansas City Limited (4.73%), alongside allocations to financials, industrials, technology, and energy sectors. Geographically, it targets Canadian, U.S., and international equities, with a focus on North American markets; the fund is structured as an alternative mutual fund with a 0.95% management fee, 20% performance fee above a 2% hurdle rate, and a perpetual high water mark. Recent developments include ongoing monthly cash distributions, with Picton Mahoney announcing a December 2025 distribution for related PICTON Long Short funds and continued growth in assets under management to $449.13 million as of early 2024; the firm, founded in 2004, has expanded its suite of Authentic Hedge strategies without reported major acquisitions, partnerships, or reorganizations specific to PFLS in the last 1-2 years. The ETF maintains low-to-medium risk, evidenced by an annualized standard deviation of 9.42%, Sharpe ratio of 1.16, and maximum drawdown of -10.71% since inception, outperforming the S&P/TSX Composite TR Index on a risk-adjusted basis.